The five-story building, which overlooks the Milwaukee River, will be the new home of Gestalt River Walk Art Studios. It is scheduled to open by late spring 2013.

It will house 12 to 20 artist studios and two galleries, one on Plankinton Ave. and the other on the RiverWalk.

The RiverWalk gallery will be a permanent gallery, with artwork created by Milwaukee artists. Gestalt's Plankinton Ave. gallery will be used for special events, solo shows and Gallery Night.

The Seibs are the longtime owners of Planet Bead and own that business' building at 710 N. Milwaukee St. The couple also lives on the building's third floor. Their son Zachary operates a photography business out of the Milwaukee St. building, and their daughter Karmen plans on designing and making clothes at both buildings.

Maher was represented in the sale by Matson Holbrook and Patrick Gallagher, both of Siegel-Gallagher Inc. Thomas Gale, a principal with Equity Commercial Real Estate LLC, represented the Seibs.